Bitcoin analysis for March 02, 2018

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Bitcoin (BTC) has been trading upwards. As I expected, the price tested the level of $11.120. With Australia set to introduce new legislation that will empower authorities to monitor and regulate the activities of cryptocurrency traders, many analysts are anticipating that the country's bitcoin investors will face a crackdown from the the country's tax office. The technical picture of Bitcoin looks neutral.

Trading recommendations:

According to the 30M time - frame, I found that price went to test a median line of the upward channel and did successful rejection, which is a sign that sellers are still prersent. I also found a hidden bearish divergence on the moving average oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward target is set at the price of $10.715. The valid breakout of lower diagonal of the channel, may indicate larger downward movement.

Support/Resistance

$11.130 – Intraday resistance

$10.800– Intraday support

$10.715 – Objective target

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